LDC in £136m secondary MBO
Who?
Lloyds TSB Development Capital (LDC) Midlands.
Did what?
Invested in a £136m secondary management buyout (MBO) of Associated Dental Practices (ADP).
What does this mean?
LDC invested in ADP alongside with Palamon Capital Partners, AlpInvest Partners and Morgan Stanley Alternative Investment Partners. The ADP deal was lead by LDC Midlands’ managing director Martin Draper; Chris Hurley from LDC will join the ADP board. Draper said: "With an experienced management team and strong reputation, ADP will be an excellent addition to our investment portfolio as the company continues to consolidate the highly fragmented UK dental market."
LDC Midlands have also supported blue-chip service provider Emprise in its acquisition of Active Cleaning, an office and commercial cleaning company.
Who advised?
Martin Dwyer at Birmingham's Wragge & Co acted as legal adviser to LDC Midlands.
Insider comment:
This is sixth deal for LDC Midlands, winners of Dealmaker of the Year at this year's Insider Dealmakers Awards Midlands. These include MBOs at Nuclear Engineering Services, Orion Media and the Homeserve Emergency Services division (since rebranded Evander), bringing the total investment from LDC Midlands to more than £53m in 2009. Draper said: "2009 has been an extremely busy year for LDC here in the Midlands, and the successful completion of another two deals recently reflects the consistent dedication and hard work of the Midlands team."
